UK investor Downing, working with its investment partner Armstrong Energy Global, has developed and constructed 20MW of ‘open access’ solar projects in the South Indian states of Telangana and Andhra Pradesh.
The two completed projects required a combined total of £13.5 million funding support from the Downing Indian Solar EIS, which is backed by UK retail investors, and other Downing-managed funds. Commercial and industrial customers will buy the power generated from the farms via ‘open access’ power purchase agreements (PPAs).
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Downing Indian Solar EIS and Downing-managed Venture Capital Trusts provided £7.2 million of funding to the SPV, SF Renewables, to support the construction of the 11.2MW Kambadur solar farm in Andhra Pradesh.
Meanwhile, Downing Indian Solar EIS, Downing Estate Planning Service and Downing-managed VCTs also invested £6.25 million in the SPV, Rockhopper Renewables, for the construction of the 8.4MW Jogipet solar farm in Telangana, northwest of Hyderabad.
Downing and Armstrong have procured Indian EPCs to build the plants and Armstrong is now operating these plants on behalf of Downing.
Downing-managed funds are also currently supporting another 22MW of PV projects in Maharashtra.
Jonathan Selwyn, chairman, Downing Indian Solar EIS, said: “The Indian solar market is growing rapidly and naturally holds huge potential for investors due to the tropical climate in areas such as the south. However, as a relatively new market, it is not without its challenges. It is therefore a testament to the Downing and Armstrong teams that these challenges have been successfully overcome, that the projects have been commissioned on time and are already generating significant amounts of power.
“Downing Indian Solar EIS is also supporting the construction of a further two projects in the country which will be commissioned in early summer. We will assess further investment opportunities in due course.”
German solar and storage firm IBC Solar recently completed a 3MW 'open access' solar project for a tea producer in the Indian state of Tamil Nadu.
